How to Save Money in Benin?

Saving is an essential step toward building a solid financial future.

In Benin, many people set money aside to finance a project, prepare for retirement, or secure their families in case of unexpected events. But not all methods are equal: some are safe but offer little return, while others are more flexible yet come with limitations.

So, between savings accounts, traditional tontines, and new digital solutions like Paykko, which option should you choose?

The Classic Savings Account: Safety but Low Returns

The most common way is to save through banks or microfinance institutions.
Advantage: your money is safe and available in case of emergency.
Drawback: interest rates rarely exceed 3% per year, often below inflation. As a result, your money loses value over time.

It’s ideal for maintaining an emergency fund, but not enough to grow your savings significantly.

Tontines: The African Way of Saving

For generations, Beninese people have relied on tontines: a collective system where each member contributes regularly, and everyone takes turns receiving the pooled funds.
It’s simple, flexible, and based on solidarity.

However, traditional tontines also have weaknesses:

• Risk of loss if a member defaults,
• Lack of transparency and tracking,
• No additional return beyond your contribution.

Paykko: The Modern Tontine

Paykko reinvents tontines through digital technology.
With Paykko, you can:

• Join tontines that are secure and transparent through a mobile app,
• Track your contributions and payouts in real time,
• Benefit from a trusted and tech-enabled framework,
• Choose tontine formats adapted to your needs: personal projects, precautionary savings, or financial goals.

Paykko keeps the African spirit of community saving but adds security, transparency, and efficiency.

What Kind of Saver Are You?

Before choosing your method, ask yourself:

• Are you cautious? A savings account or a simple Paykko tontine works well.
• Are you organized? A digital tontine helps you save regularly with clear tracking.
• Are you ambitious? Paykko can become the springboard to fund your projects faster.

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